The CFO Playbook on Mobile Payments: Migrating to a Mobile Payment Model
Mon, Feb 11, 2013
02:00 P.M. ET
About CFO Playbook
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Mobile payment platforms offer a way for businesses to better track the customer base, gear up the supply chain to move products faster, and avoid the pricey processing fees tacked on by credit card companies. The challenge for CFOs is two-fold: Will consumers ditch their trusted methods of purchasing via cash and credit cards, and given this uncertainty, will the expense of migrating to a mobile payment platform be worth the investment?
Despite these questions, IDC Financial Insights predicts more than $1 trillion will be spent on purchases through mobile devices by 2017, although other research firms posit much lower numbers. At present, the mobile payment user base is a meager 7.9 million people, according to eMarketer, but is expected to rise to 48.1 million by 2016. Impediments include the fragmentation of the mobile payment market and the lack of a standard way to make payments. Nevertheless, not jumping on the mobile bandwagon, or jumping too late, can put a company at a competitive disadvantage.
In the meantime, businesses from Starbucks to cell phone providers like AT&T and Verizon are catching up to this fast-moving trend by developing or installing devices and systems that can handle mobile transactions. Wal-Mart is trying to develop a mobile payment app that can be used at Target and CVS, and even credit card companies, aware of the financial threat to their transactional business, are endeavoring to get into the game. But, until consumers see the benefit of the new payment model, they are unlikely to change their behavior. Everyone predicts this will soon come to pass, but pinpointing if and when your customers are ready is tricky.
A distinguished panel of experts will explore the promise and risks of mobile payment platforms, and how CFOs can ease their way towards this model without blowing the bank. Questions to be covered include how much it might cost to introduce a mobile payment model, how to select the right technology and vendors, and when a return on investment can be realized.
About the Panelists
Patrick Renna, Chief Financial Officer, Boloco
Patrick Renna joined Boloco as Chief Financial Officer in November 2009. Mr. Renna was most recently CFO at Sebastian's Cafe and Catering, where he spent four years overseeing all financial and administrative policies and procedures for the company; this included leadership during the company's most profitable growth period.
Previously, he held CFO positions at Fresh Concepts, which operates fast casual restaurants under the name Fresh City and Souper Salad, as well as FiRE+iCE, where he also served as President. Mr. Renna began his career with New England Restaurant Company, a Chili's franchisee and owner of Bertucci's Brick Oven Pizzeria, a 90-unit casual dining chain.
Mr. Renna received his Bachelor's Degree in Accounting from Franklin Pierce College, and went on to earn his MBA and Master's Degree in Accounting from the University of Massachusetts in Boston. In 2004 he was named to "Boston's 40 Under 40." In 2010, Mr. Renna was elected to the Board of Director's of the Massachusetts Restaurant Association for a three year term. He resides in Hingham, MA, with his wife and two children.
Drew Luca, Principal, PwC
Drew is a Principal in PwC's Banking Strategy Technology and Operations practice and co-leads the US Payments Practice. He has over 20 years of technology and security experience with large payments across the entire value chain from issuers to acquirers to networks and other financial services clients as well as clients within the technology and healthcare industries. Drew leads PwC's relationship with a major Card Brand as well as a top 10 processor. Prior to joining PwC, Drew was the CIO for a payment processing company and a CTO for a payments technology company where he was responsible for, amongst other things, all technology and operations across card, wire, check imaging, and ACH. Drew has delivered numerous enterprise-wide technology and security projects with financial institutions, card associations and payment technology providers across the payments value chain.
Drew holds a Bachelor of Science degree from Boston University.
Jim Stapleton, Chief Sales Officer, Isis
As head of sales for Isis, Jim Stapleton is responsible for developing relationships with merchants, acquirers, issuers and other enterprise customers.
Prior to joining Isis, Stapleton spent more than 22 years with AT&T, where he was a key player in the development of the mobile commerce joint venture that became Isis. While at AT&T, Stapleton designed, implemented and operated direct sales organizations and indirect distribution channels, and was responsible for the launch of several flagship products. In his most recent role as executive director of business development, he led the development of AT&T's mobile payments market entry strategy, representing a key growth opportunity for the company.
Stapleton is a graduate of the University of Illinois, where he received bachelor's and master's degrees in electrical and computer engineering. He is also a graduate of the program for management development at Harvard Business School.
About the Moderator
Russ Banham is the Senior Writer at CFO magazine. Over the past three decades, Mr. Banham has written close to 200 feature stories for CFO and CFO.com, as well as thousands of articles for many other business publications, including Forbes, The Economist, The Wall Street Journal, Financial Times, Chief Executive, U.S. News and World Report, Journal of Accountancy, and many others.
He is the author of 23 books, including The Ford Century, the award-winning, international best-selling history of Ford Motor Company, translated into 13 languages, and The Fight for Fairfax, detailing the extraordinary economic growth of northern Virginia in the aftermath of World War II. His various books have led to several television appearances, including on the TODAY show and A&E's Biography. He is currently writing a history of aviation in Hawaii.